I have another account at a credit union, but they don't offer that kind of plan, nor do they have many ATMs... Much fewer than other banks.

Anyway, someone is asking people to boycott the independant cash machines, pointing to gouging as the reason.

I think I pay a set fee at my bank. Maybe the cost is rolled in....I should really pay more attention. I hate financial stuff, and tend to ignore it if given half the chance.

Banks sell the fees charged based on the cost of running the ATM system.

I find this a more than a little questionable, since interac has allowed banks to close branches and reduce the number of tellers employed.

It's not required to get overdraft, but if you want it they will run a credit check.

Finally, take note: At first you will be subject to some ridiculous hold periods. I was initially subject to $100 max, 9 days later the rest of any deposit would become available. I called and said "that's just not acceptable." Couple weeks later they dropped the hold period to 5 days and upped the limit to $200. Since then it's gone up in a stagewise manner until finally it's been $500 and like 4 days for the longest time. I almost never worry about the holds now.

They've also been grudgingly giving me overdraft, but it's a real tooth-and-nail fight to get them to increase the limit.

One time some slimebag got my checkbook and cut himself a check out of it, and I didn't know until it was too late to stop payment, and I had three different stories from three different people until I finally found out the proper process that PCF had for swearing out the affidavit saying that I had had a check fraudulently drawn against my account.

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There is a teacher's credit union in town, but not being a teacher, I never considered it.

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I don't like that the bank knows where I spend my money otherwise, and more and more, I don't trust that they keep that info to themselves.

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I find this a more than a little questionable, since interac has allowed banks to close branches and reduce the number of tellers employed.

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Banks have intentionally in the last couple of years scaled back the number of bank machines in their system. After preaching the convenience of banking with a card, (in many cass you even have to have a card to bank at a branch) they have made people dependent on machines (and charged them a fee for doing so)> The fees of course have been increasing steadily. With the recently introduced fees for interac, they now are gouging a largely unsuspecting populace. Many people now make 5 or more interac transactions everyday, Imagine that at $1.50 per swipe.

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Anyway, someone is asking people to boycott the independant cash machines, pointing to gouging as the reason.

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And who runs Ontario's largest system of independent bank machines? An ex-vp of one of the big banks (I'll have to confirm who, it was an story in the Golbe and Mail around May). These machines, which typically add on a fee up to $3 per transaction, are simple money making devices, plus they do less than most back run machines (meaning you can't pay bills, make tranfers between accounts, etc.).

Another example, at Pearson airport, why did the Royal Bank remove all of their machines, including lucrative foreign exchange machines that typically gross a fee of $5.00 per transaction. This was a sure money making location if there ever was one. Because the company that operates the Wells-Fargo machines could make even more, and pay a fee to the Royal for the rights. The Royal makes money essentially renting out their space.

Too bad because I bank at two Coast Capital (2nd biggest in Canada) and Chemainus and District and would never go to a bank. We just got a statement from the Chemainus and District and there was one entry with the comment "Found at Thrift Store - deposit $60". Apparently, the $60 I lost and thought had fallen out while walking around town was turned in to the Credit Union (the withdrawl slip accompanied it) and credited to our account. The annual general meeting is an all ages dinner and dance. When I asked for a mortgage Debra gave me initial approval on my name alone.

Coast Capital has no charge interac with a deposit total $5000 (includes RRSP's - almost justifies the RRSP loan in itself). Point of sale transactions are only free for the first 5, but I can see this because there are real costs that the institution must pay and I think people should realize that buying something for under $10 using an interac card is not yet viable with current technology.

Did anyone else hear the report on CBC radio about interac machines and that the "no name" white machines can charge basically whatever the market will bear? Apparently, one in a bar outside an army base has a fee of $10.50 per transaction.

[ November 08, 2002: Message edited by: Pogo ]